Study ranks Arizona 13th in nation.
Arizona Earns a B in Insurance Regulation
Arizona held on to its B grade for the second year in a nationwide study that measures insurance regulation.
The R Street Institute’s Insurance Regulation Report Card, an annual examination of all 50 states, gave Arizona an overall ranking of 13th. The letter grade and ranking were based on how a state measured up according to the following questions:
- How free are consumers to choose the insurance products they want?
- How free are insurers to provide the insurance products consumers want?
- How effectively are states discharging their duties to monitor insurer solvency, police fraud and consumer abuse and foster competitive, private insurance markets?
R Street is a nonprofit group that advocates for free-market solutions and limited and efficient government.
“We believe innovative new products could be more widespread if more states were to free their insurance markets by embracing regulatory modernization,” it states.
The study singled out Arizona’s low politicization as a strength. However, solvency regulation was identified as a weakness, according to the study.
Neighbors New Mexico and Nevada also earned a B, while Utah received an A and California a D.
Read the full report here.
